Condor Announces 2023 Year-End Results

Condor Energies Inc.
Condor Energies Inc.

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CALGARY, Alberta, March 25, 2024 (GLOBE NEWSWIRE) -- Condor Energies Inc. (“Condor” or the “Company”) (TSX:CDR), a Canadian based, internationally focused energy transition company with activities in the Republics of Uzbekistan, Türkiye and Kazakhstan is pleased to announce the release of its audited consolidated financial statements for the years ended December 31, 2023 and 2022, together with the related management’s discussion and analysis. These documents will be made available under Condor’s profile on SEDAR+ at www.sedarplus.ca and on the Condor website at www.condorenergies.ca. Readers are invited to review the latest corporate presentation available on the Condor website. All financial amounts in this news release are presented in Canadian dollars, unless otherwise stated.

Highlights

  • The Company executed a production enhancement contract in January 2024 to increase gas volumes and overall recovery rates from eight conventional natural gas-condensate fields in Uzbekistan and the Company’s operations commenced on March 1, 2024.

  • The Company received a natural gas allocation in January 2024 in Kazakhstan to be used as feed gas for the Company’s first modular liquefied natural gas (“LNG”) production facility.

  • In July 2023, Condor was awarded a contiguous 37,300-hectare lithium brine mining license in Kazakhstan for a six-year term.

  • On March 22, 2024 the Company issued three-year term convertible debentures bearing 9.0% interest per annum and convertible into 2,950,336 common shares for gross proceeds of USD $4.8 million (CAD $6.5 million). While minimizing shareholder dilution, this funding amount also ensures the Company continues advancing its near-term capital programs prior to receiving Uzbekistan gas sales proceeds.

  • The Company completed a USD $5.9 million (CAD $7.8 million) three-year term loan facility in July 2023 that bears interest at 9% per annum and is available for working capital requirements and general corporate purposes.

Production Enhancement Contract in Uzbekistan

In January 2024, the Company executed a production enhancement contract (the “PEC Project”) with the Government of Uzbekistan to increase the production and overall recovery rates from an integrated cluster of eight conventional natural gas-condensate fields in the Country (the “Fields”) and production operations commenced on March 1, 2024. The PEC Project will increase the country’s domestic supply of natural gas while also contributing to carbon emission reductions.

Condor, through a local subsidiary, conducts production enhancement services under an agreement with Uzbekistan national company JSC Uzbekneftegaz. Produced natural gas is sold to the authorized state entity responsible for the purchase and sale of natural gas for use in the domestic market. Condor is responsible for all costs of the PEC Project, and in exchange for performing its services, the Company receives a percentage of net revenues realized from the PEC Project.